is it possible to disable select set of tools
What do you mean by this exactly?
If you want to change the Toolbar I see no immediate option but you might be able to create a custom Panel (Configurator/Flash between Photoshop CS-something and Photoshop CC, html5 for Photoshop CC and Photoshop CC 2014) that imitates the Toolbar.
I'm trying to develop an interactive dialog box. So till that dialog box completes its execution i would like to disable a set of tools from the toolbar. Is this possible? If not i need to go for configurator as suggested by you. But will configurator allow me to 'disable default set' ?
Configurator is obsolete technology because Flash support has been dropped in Photoshop CC 2014, so you may not want to waste time on it.
What exactly do you mean by
an interactive dialog box
I am not convinced what you are after is achievable so far.